Holcim Philippines reported a 124 percent surge in net income to P2.3 billion in the first nine months of the year, driven by its continued focus on operational efficiency and cost management across the business.
In a disclosure to the Philippine Stock Exchange, the firm said earnings before interest and taxes (Operating EBIT) from January to September 2021 grew 70 percent year-on-year to P3.1 billion.
Net sales increased by 7 percent to P20.1 billion from the same period last year due to the recovery of the market as seen in the improved demand for construction materials which positively impacted the Cement, Aggregates, and Dry Mix businesses.
In the third quarter of 2021, Holcim assid it was confronted with significant cost increases of fuel and power. Market demand was also impacted by inclement weather and control measures against the resurgence of COVID-19.
Holcim Philippines said it is sustaining its focus on operational excellence and cost discipline. During this period, the Company recorded operating EBIT and net sales of P865.2 million and P6.5 billion, respectively.
“Our continuing focus on operational efficiencies and cost management enabled us to drive performance despite market demand and inflationary challenges,” said Holcim Philippines President and CEO Horia Adrian.
He added that, “We take pride in leading industry innovations with our new building solutions that help partners build better. Finally, we made significant progress instrengthening sustainability of operations with organizational realignments and project milestones that further improve our environmental performance and social impact.”
He said “These make us ready to support the continued progress of the country and grow our business as market conditions and building activities further improve.”